I would not call it overdue, but I agree it is time for Oly/Pany to start fleshing out their system. With the 35-100 2.8 on its way, the basic system is getting there.

Two different body styles from each participant (EVF/LCD choice), a staggering amount of cheap(ish) standard- and tele-zooms, a couple of wide zooms and -not so small but not overly large either- long zooms, and a nice basic selection of primes. The strong point of this basic system is indeed size; keep it small.

But by now I think it is time to allow other users some choice as well. The excellent 75 1.8 begs for a 2x tele-converter as a cheap/small additional option. The prime line should continue with a 150mm 2.8, a 200 or 250mm 4, and a very long tele-zoom like 200-400 or 200-500. These last few would not be small at all, but all of them would allow M43 users to do things that now still favour other systems.

In a similar development I could now imagine a larger M43 body coming out, not aimed at smallness but at prolonged easy handling. If you spend an entire day with a camera in your hand, shooting away, certain things like hand position, placement of buttons and dials and battery life gets more important then size (though low weight remains important). A larger body would enable some pro's to switch between bodies while keeping the lenses and most of the post processing as usual.

Right on the money on all mFT points.

It's looking like the GH3 may be heading in this direction (larger bodies to properly support larger lenses), same hopefully for the rumored Pro-OMD. But the prices will certainly be steep.

Which leaves this mFT/FT user scratching his head over why Olympus resists simply providing the new sensor in a "large for mFT/small for FT" body like the E-xxx series for around $700 and be done with it. This would be the solution for those of us who love fast 4/3's zooms and had planned on buying more until the current mFT imposed "embargo". Add in some of the other tricks they've developed over the past several years, and you'd have one heck of a DSLR that, OMG, can actually track action ;).

As for the incessant mFT dive to the smallest possible body, hopefully the RX100 has firmly nipped this in the bud. mFT is unlikely to ever be able to compete on a size basis, so instead should mature and focus on "small enough to be convenient" along with handling and superior image quality.

Which brings me full circle to the need for a complete mFT lens system, including an excellent mid-range 12-60mm f2.8-4 zoom and something fast yet light on the long end, perhaps a 300mm f4 or the like. If they're going to present themselves as the alternative to DSLR's, they need to fill this gap.
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Sailin' Steve